GULFPORT ENERGY CORP

For the period ended Sep 30, 2024. Filed Nov 6, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2024 · Filed Nov 6, 2024

GPOR$150.00-3.3%Stored close · as of Nov 6, 2026

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Contents

Consolidated Statements of Operations

	Three Months Ended September 30, 2024	Three Months Ended September 30, 2023
REVENUES:
Natural gas sales	$159,862	$177,401
Oil and condensate sales	29,467	22,896
Natural gas liquid sales	26,617	26,953
Net gain on natural gas, oil and NGL derivatives	37,966	39,417
Total revenues	253,912	266,667
OPERATING EXPENSES:
Lease operating expenses	18,218	15,627
Taxes other than income	6,833	7,216
Transportation, gathering, processing and compression	89,900	86,602
Depreciation, depletion and amortization	82,825	79,505
Impairment of oil and natural gas properties	30,487	—
General and administrative expenses	10,479	9,894
Accretion expense	583	639
Total operating expenses	239,325	199,483
INCOME FROM OPERATIONS	14,587	67,184
OTHER EXPENSE (INCOME):
Interest expense	15,866	14,919
Loss on debt extinguishment	13,388	—
Other, net	3,133	(1,438)
Total other expense	32,387	13,481
(LOSS) INCOME BEFORE INCOME TAXES	(17,800)	53,703
INCOME TAX BENEFIT:
Current	—	—
Deferred	(3,833)	(554,741)
Total income tax benefit	(3,833)	(554,741)
NET (LOSS) INCOME	$(13,967)	$608,444
Dividends on preferred stock	(1,093)	(1,133)
Participating securities - preferred stock	—	(89,756)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$(15,060)	$517,555
NET (LOSS) INCOME PER COMMON SHARE:
Basic	$(0.83)	$27.72
Diluted	$(0.83)	$27.37
Weighted average common shares outstanding—Basic	18,062	18,670
Weighted average common shares outstanding—Diluted	18,062	18,954

CONSOLIDATED STATEMENTS OF OPERATIONS

	Nine Months Ended September 30, 2024	Nine Months Ended September 30, 2023
REVENUES:
Natural gas sales	$492,606	$619,181
Oil and condensate sales	70,295	76,212
Natural gas liquid sales	80,870	92,935
Net gain on natural gas, oil and NGL derivatives	74,487	514,266
Total revenues	718,258	1,302,594
OPERATING EXPENSES:
Lease operating expenses	50,843	51,644
Taxes other than income	22,111	25,849
Transportation, gathering, processing and compression	263,048	259,883
Depreciation, depletion and amortization	241,401	238,747
Impairment of oil and natural gas properties	30,487	—
General and administrative expenses	30,429	27,238
Restructuring costs	—	4,762
Accretion expense	1,705	2,117
Total operating expenses	640,024	610,240
INCOME FROM OPERATIONS	78,234	692,354
OTHER EXPENSE (INCOME):
Interest expense	46,027	42,402
Loss on debt extinguishment	13,388	—
Other, net	3,530	(20,492)
Total other expense	62,945	21,910
INCOME BEFORE INCOME TAXES	15,289	670,444
INCOME TAX EXPENSE (BENEFIT):
Current	—	—
Deferred	3,433	(554,741)
Total income tax expense (benefit)	3,433	(554,741)
NET INCOME	$11,856	$1,225,185
Dividends on preferred stock	(3,293)	(3,718)
Participating securities - preferred stock	(1,259)	(180,394)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$7,304	$1,041,073
NET INCOME PER COMMON SHARE:
Basic	$0.40	$55.72
Diluted	$0.40	$55.08
Weighted average common shares outstanding—Basic	18,133	18,686
Weighted average common shares outstanding—Diluted	18,463	18,937

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.